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Hello everyone,

I'd like to ask about the tax implications after selling my primary residence in May--this is the first time I've sold a house.

I've heard that the capital gains are not taxable for 2 years and this gives time to buy into a new residence. Do I understand this correctly? Can this advantage be used only once?

How will my 2003 taxes handle the capital gains? I assume I get a form sent to me which I enter on my 1040 form.

Thank you for any input!

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